I know what you’re thinking why in the world is she talking about the holidays in April?  because it’s time to set up a budget and start saving! I know it’s early, but the earlier you do it the easier it is. Our goal is a DEBT FREE Christmas season which means we need to start saving pronto! If you start saving now there will be no reason to pull out the credit cards this season. There is a few way to do this, so pick the one that fits you and your family the best.

How To plan a debt free Christmas

SET A BUDGET

According to the NFR, the average US family spends about 800$ last year that included gifts, decorations, food, and travel.This depends on how many people are in your family, who you’re buying for, and how many you’re cooking for.
First, write how many people you need to buy gifts for and how much you want to spend per person. Remember, you don’t have to spend the same amount per person.
Next, write down how much you plan to spend on traveling and decorations.
Last, write down how many will be attending your holiday dinner if your hosting, and make sure to add 2 or 3 people to account for  “dates”. Be sure to also include drinks.
By now you should have a good idea of how much you need to save.

WHERE DO I SAVE?

This is a whatever works best for you question, but luckily you have a few different options.

Savings account method

Open a savings account at your bank or credit union designated to your Christmas fund. I suggest not getting a debit card for this account. You want to make it as hard as possible to get access to this money. You’re far less likely to actually go to the bank to withdrawal it rather than just sliding a card. Also, set up direct deposit whether you get paid weekly, bi-weekly or monthly whatever works for you and your budget. The idea is to set it and forget it. I even have ours hidden from our online banking.

Envelope method
I don’t personally do this because I lose things on a regular basis. If you choose this one get an envelope and write “CHRISTMAS FUND” on the front and put it in a safe place. Just like with the Savings account whenever you get paid, add to it.

HOW MUCH DO I SAVE
If you start this week you have about 35 weeks until Black Friday which is when most people start shopping. Depending on how much you need to save.

Goal 800.00	Goal 1000.00	Goal 1500.00	Goal  600.00
23.00 a week	29.00 a week	43.00 a week	18.00 a week
for 35 weeks	for 35 weeks	for 35 weeks	for 35 weeks
805.00$	1015.00$	1505.00$	630.00